Friday Markets: Dow Falls 184 Points, PLTR Gains, as Strike Ends and Oil Surges

Thursday saw the stock market take a hit, with the Dow Jones Industrial Average losing 184.93 points, or 0.44%. The S&P 500 also dipped, shedding 0.17%, and nearly 80% of its constituents ended the day in the red. The Nasdaq Composite, however, eked out a 0.04% gain, largely thanks to Nvidia. The semiconductor giant, a major player in AI, rallied over 3%, preventing the Nasdaq from following the broader market decline.

So far, October has been rocky for the markets. After a three-week winning streak in September, the major indices now seem poised for a reversal. Investors are turning their attention to upcoming economic data, hoping for clues about what the Federal Reserve might do next.

Premarket Movers:

Investors Await Key Jobs Report

The Labor Department will release its September jobs report, and Wall Street is bracing for the outcome.

Analysts are predicting that nonfarm payrolls will show an increase of 150,000 jobs for the month, slightly up from the 142,000 added in August. The unemployment rate is expected to hold steady at 4.2%, which is seen as a sign of a stable labor market.

Wage growth is another key focus, with forecasts pointing to a modest 0.3% monthly rise and a 3.8% increase compared to the same time last year. These numbers will be watched closely by the Federal Reserve. If they align with expectations, the Fed might avoid more aggressive interest rate hikes. That would reassure markets, calming fears of a potential recession.

This jobs report is especially significant as it’s expected to be the last “clean” data before external events skew the numbers. A recent port strike and the aftereffects of Hurricane Helene are likely to distort October’s report. With the November election on the horizon, these factors could add an extra layer of uncertainty for both the Fed and investors.

Port Strike Ends With Tentative Deal

In a development that could impact future economic reports, the East Coast and Gulf Coast dockworkers’ strike ended late Thursday.

The International Longshoremen’s Association (ILA) reached a tentative wage agreement with the U.S. Maritime Alliance. Tens of thousands of dockworkers are now set to return to their jobs, alleviating supply chain concerns. The strike, which lasted only a few days, disrupted key ports from Maine to Texas. The labor action threatened the supply of various goods, from cars to fresh produce.

The tentative deal includes a 61.5% wage increase over six years, according to reports. While this addresses one major issue, discussions about port automation are still ongoing. That debate could potentially reignite tensions between the union and management.

Oil Prices Continue To Climb

Oil prices edged higher on Friday, marking what could be the biggest weekly gain in over a year.

Concerns about rising tensions in the Middle East have driven prices up. Brent crude rose by 0.4% to $77.96 a barrel, while U.S. crude futures (WTI) traded 0.5% higher at $74.06 per barrel. Both Brent and U.S. crude futures are on track for weekly gains of around 8%—the largest since early 2023.

This surge in oil prices is a reminder of how geopolitical factors can impact the markets. While domestic factors like jobs data are in focus, investors are also keeping an eye on international risks that could further push energy prices higher.